Balance Sheet Details

9 Months Ended

Sep. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Balance Sheet Account Details

4.  Balance Sheet Details

Restricted Cash

Restricted cash as of September 30, 2020 consists of: (i) a $0.5 million security deposit for the Company’s field force corporate credit card program; (ii) a $0.2 million standby letter of credit provided in lieu of a security deposit for the Watertown Lease (see Note 6); and (iii) a $40,000 security deposit for the Company’s corporate purchasing credit card. Restricted cash as of December 31, 2019 consists of a $0.9 million standby letter of credit provided in lieu of a security deposit for the San Diego Lease (see Note 6).

Inventory, Net

Inventory, net consisted of the following (in thousands):

	September 30,		December 31,
	2020		2019
Raw materials	$	802	$	-
Work-in-process		2,340		1,505
Finished goods		4,132		706
Total inventory, net	$	7,274	$	2,211

As of September 30, 2020, inventory, net includes $2.1 million of the fair value step-up adjustment to Tetraphase’s inventory recorded in connection with the acquisition of Tetraphase (see Note 12). As of September 30, 2020 and December 31, 2019, total inventory is recorded net of inventory reserves of $0.2 million and $0.1 million, respectively.

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):

	September 30,			December 31,
	2020			2019
Software	$	733		$	733
Furniture and fixtures		598			2,598
Leasehold improvements		386			14,504
Computer hardware		310			1,296
Lab equipment		-			9,665
Total property and equipment, gross		2,027			28,796
Accumulated depreciation and amortization		(1,743	)		(10,407	)
Total property and equipment, net	$	284		$	18,389

The Company recorded a loss of approximately $12.9 million, net of $3.1 million of cash proceeds, in other income (expense), net, related to the disposal of tenant improvements and certain equipment in connection with the termination of the San Diego Lease. The $12.9 million loss is recorded in the consolidated statements of cash flows net of the gain from the termination of the San Diego Lease (see Note 6).

Intangible Assets, Net

Intangible assets, net consisted of the following (in thousands):

	September 30,			December 31,
	2020			2019
Technology	$	14,000		$	-
Trade name		1,520			-
Total intangible assets, gross		15,520			-
Accumulated amortization		(259	)		-
Total intangible assets, net	$	15,261		$	-

The intangible assets were recorded in connection with the acquisition of Tetraphase (see Note 12).

Accrued Expenses

Accrued expenses consisted of the following (in thousands):

	September 30,		December 31,
	2020		2019
Accrued interest expense	$	3,870	$	2,692
Accrued manufacturing costs		1,449		1,339
Accrued clinical study costs		426		3,496
Accrued other		1,938		1,785
Total accrued expenses	$	7,683	$	9,312

Other Noncurrent Liabilities

Other noncurrent liabilities consisted of the following (in thousands):

	September 30,		December 31,
	2020		2019
Accrued interest expense	$	16,909	$	12,790
Fair value of CVRs (see Note 12)		2,610		-
Paycheck Protection Program loan		2,286		-
Total other noncurrent liabilities	$	21,805	$	12,790